EUR/USD Bearish Trend Should Continue After Retracement

Dear Traders,

The EUR/USD has hit the strong support at 1.1201 and bounced, making a retracement pattern. We can spot two POC zones.–>

The first POC zone is 1.1230-40. It is slightly below the W L3 camarilla pivot which serves as resistance. If the W L3 breaks the price might go to 1.1260-70, the second POC zone. Both POCs could reject the price towards next levels of support. Targets are 1.1215, 1.1201 and 1.1170 if 1.1201 breaks. However, if the price makes a 1h or 4h close above 1.1287, the trend will change and bears will lose the steam.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire

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